[ISC] Q. 52 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

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Solution of Question number 52 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board?

Adil, Bilal, and Ramiz are in partnership sharing profits and losses in the ratio of 4 : 2 : 1 respectively. It was provided that Ramiz’s share in profits would not be less than ₹ 7,500 in a year. Profit for the year ended 31st March 2023 was ₹ 31,500. You are required to pass the Journal entries and prepare Profit and Loss Appropriation Account.

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